"If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it's a bit like telling your ripening teenager to be sure to have a normal sex life", Buffett wrote in his annual letter to shareholders.

"Concurrently, much - indeed, perhaps most - of the p/c world would be out of business", he wrote, referring to property and casualty insurers.

Buffett, with net worth estimated at $86 billion by Forbes, said it is a "terrible mistake" for investors with long-term horizons - among them, pension funds, college and endowments and savings-minded individuals - to measure their investment "risk" by their portfolio's ratio of bonds to stocks.

Buffett told his shareholders they are in good hands going forward with Berkshire crop of insurance managers. "The managers of our various insurance companies supply the brains and Berkshire provides the capital".

Buffett said it would not be hard to "shave" off 3 or 4 percentage points, contrasting the situation to 1960, when he said healthcare costs accounted for just 5 per cent of GDP, or $170 per person.

While few details were provided, shares of several insurers and pharmacy benefits managers fell on the news because investors anxious how the venture might disrupt the industry.

Mr Buffett even managed to more than double the value of the $1m stake, that has now gone to a charity, by switching it from zero coupon bonds to Berkshire "B" shares halfway through the bet. "The question is whether we can come up with something better". For the full-year 2017 insurance investment income passed $3.9 billion for the firm, up approximately $300 million on the prior year. The $29 billion "was delivered to us in December when Congress rewrote the U.S. Tax Code".

This company offers excess-of-loss and quota-share reinsurance coverages through several units including National Indemnity Co.

Hurricanes Harvey, Irma and Maria, as well as California wildfires, were key culprits, and the $3bn pre-tax cost for the hurricanes disappointed some analysts due to their size.

Insurance and reinsurance premium float continues to build at Berkshire Hathaway and investing that float drives significant income, $1 billion in the fourth-quarter alone. Taken together, those businesses can add substantially to Berkshire's earnings. BH Primary produced pre-tax underwriting gains of $719 million in 2017, $657 million in 2016 and $824 million in 2015.

PSG's Neymar not having surgery, could face Real: Emery
Paris Saint-Germain have confirmed that Brazil forward Neymar has suffered a fractured metatarsal and a sprained ankle. The two-time World Cup victor insists, however, Neymar has moved to PSG to win the Champions League.

Vivo APEX Has A Hidden Front Camera
Shockingly, this phone also packs a headphone jack , even including a DAC for improved quality on high-end headphones. No doubt we'll be seeing them in not only this phone but other manufacturers' offerings in the not-to-distant future.

Saleh Muslim: Release of Syrian Kurdish leader angers Turkey
Speaking to reporters following his release, Muslim said he was holding meetings in Europe to explain what was happening in Afrin. Turkey's Ambassador to Prague , Ahmet Necati Bigali, said the decision was "not befitting our friendship with the Czech Republic.

Messi, Suarez, lead Barca Rout in La Liga
It was the first real glimpse of what Barcelona's front three are truly capable of when they are all on top form. Suarez completed his hat-trick in the 76th, tapping in a cut-back from Ousmane Dembele .

Marriyum says Shehbaz most suitable to lead PML-N
The source said that after 45 days of the election, the general council of the party has to elect the party president. Nawaz has already nominated Shahbaz for the prime minister candidate if PML-N wins this year's general elections.

Travis Scott Gave Kylie Jenner A $1.4 Million Present
Kylie obviously didn't fake it, she just wanted privacy, and luckily for her, she had people around her that respected it. The young couple left the newborn baby at home as they went out for a lunch date in Malibu.